Ann: EXCEPTIONAL RECOVERIES OF CRITICAL HEAVY RARE EARTH ELEMENTS, page-28

I have just spent a good amount of time digesting and going over todays announcement.

The more time you take to read it and absorb it properly it gets better and better.

- The 2-4 hour leach time means that you are processing 33% more material with an equivalent plant size compared to a 6 hour leach. Same size plant, 33% more output whilst using the cheapest form of acid mixture possible.

- The company is very wise to be honing in on only the most valuable elements. Firstly, they are in high demand and are very expensive but it also removes the worthless and low value elements that cost you money and not make you money.

The most valuable light elements Nd and Pr value $113 per KG compared to VTM priority elements Dy and Tb which have a price of $1070 per KG. Victory is still seeking through further met testing to increase recoveries of all elements of value through improved processes.

- VTM goes into further details to explain critical factors such as impurities. VTM's ionic clay system has low, economic levels of Fe and AL ..

There is so much to consider when it comes to Aus REE clay explorers. The different values of each element. The different costs of extraction, Impurities as well as radioactive by-products... The average punter starts out looking at the basics like average PPM .. Then maybe resource size, location etc .. It is only once you dig a lot deeper than that can you start seeing the other major points that decide whether a rare earth deposit is economic or not.

Today VTM took a massive step in the right direction IMO.